Will India Accept Venezuela’s Offer To Buy Crude Oil With Cryptocurrency?

As India continues to have a strict perspective about cryptocurrency, it has received an offer from Venezuela that is too good to be true. The South American country has offered a 30 percent discount to India, if the latter is ready to pay in Petro for crude oil.

Petro is Venezuela’s own cryptocurrency that went on a pre-sale in February. It is the first state-backed cryptocurrency in the world. The South American nation happens to be the country with the largest oil reserve in the world. It has connected 300 billion barrels with its cryptocurrency.

India has not endorsed cryptocurrencies openly yet. In fact, the RBI has asked all the banking sectors to discontinue its services for cryptocurrency-related transactions.

However, sources reveal that Venezuela has already entered an agreement with a Delhi-based trading company called Coinsecure for selling Petro in India. Coinsecure CEO Mohit Kalra has acknowledged that his company received an offer from Venezuela to add Petro as one of the cryptocurrencies.

Venezuela Has A Plan

Venezuela wants to do a multi-cryptocurrency exchange by selling Petro to buy Bitcoins. It is apparently making offers to various countries. Reports suggest that more than 127 countries have shown interest in buying Petro during the pre-sale. According to Business Standard, Indian private sector companies have got in touch with Venezuela regarding the matter.

Venezuela will launch Petro after the presidential elections in December 2018.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Sounak has years of experience in online news publication. He has previously worked for IBTimes, The Inquisitr and Free Press Journal.

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